Pi Network (PI) recently faced a difficult period in her work. After indulging under the $ 1 sign, Altcoin’s losing loses momentum.
Unlike a previous counterattack, the current market conditions indicate that the PI network may find it difficult to restore the price of $ 1.00.
PI network loses traction
The average trend (ADX) is currently at 32, and it is higher than the 25th threshold. This reading indicates that the prevailing trend is gaining strength. In this case, the direction of the PI network is declining, which enhances the homosexuality between merchants and investors.
There is an additional evidence of this reinforcement, the declining direction is clear through the equivalent SAR. The points are placed above the candlesticks, which is a classic sign that the price is likely to continue to decrease. These technical indicators often urge cautious trading behavior and can increase the pressure pressure.
The price of the PI network showed a weak link with Bitcoin, which was currently measured at 0.25 and fell steadily. This low and leg association indicates that PI has begun to act more independently instead of reflecting bitcoin movements.
This chapter is important because Bitcoin has recently developed the highest new level (ATH) and may continue to rise. However, the PI network is less likely to take advantage of the bullish bitcoin momentum, given the varying price dynamics.
The falling link indicates that PI can fight to follow up on the upward bitcoin path.
The PI price aims to gather a mass
With its current price of $ 0.77, the PI network will need to rise about 28 % to reach a sign of $ 1.00 again. Given the indicators that indicate the promotion of the declining direction and the weak association with Bitcoin, this targeted price looks ambitious in the short term.
The high decline may lead to the erosion of the investor’s confidence, which increases the sale. If the price decreases below the decisive support level of $ 0.71, PI may face an additional decrease, and it may slip to $ 0.61. Such a decrease would deepen the ghostly view.
On the other hand, if the wider market conditions improved, the PI network may penetrate the resistance levels at $ 0.78 and $ 0.87. Except these points can nullify the current landing thesis and pave the way for a renewed payment towards the price of $ 1.00.
Disintegration
In line with the guidance of the confidence project, this price analysis article is for media purposes only and should not be considered financial or investment advice. Beincrypto is committed to accurate and unbiased reporting, but market conditions are subject to change without notice. Always perform your research and consult with a professional before making any financial decisions. Please note that the terms, conditions, privacy policy have been updated and the evacuation of responsibility.
